Crude oil futures fall as US seeks to revive Iran peace talks

On Thursday, crude oil futures experienced a decline as the United States expressed interest in reviving peace talks with Iran. At 9:30 am Eastern Standard Time, Brent oil futures were trading at $114.08, down 1.08%, and WTI crude oil futures were $101.40, down 1.34%. November crude oil futures on MCX fell to ₹9666, a 1.35% decrease, while December futures dropped to ₹9554, a 1.39% decrease.

According to a Wall Street Journal report, US Vice President Joe Biden is seeking to restart negotiations with Iran. The report cites officials who claim Biden has sent a letter to Iran's Chief of Security Council, Mohsen Rezaei. US President Donald Trump told Axios that negotiations are taking place through intermediaries, with the goal of either concluding a deal or finding another solution.

Iranian Foreign Minister Abbas Araghchi responded on X, stating that Iran's military is prepared to defend the country, but Iran remains open to diplomacy and is in close contact with intermediaries to expedite the implementation of Iran's 7-Day Plan. The US EIA reported a decline in crude oil inventories for the week ending October 23, with commercial crude oil inventories falling by 1.9 million barrels to 410.6 million barrels, 4% below the five-year average.

Gasoline inventories increased by 3.9 million barrels, 2% below average, while distillate inventories decreased by 1.5 million barrels, 10% below average. Over the past four weeks, total products supplied in the US averaged 20.8 million barrels per day, a 0.2% increase year over year. Gasoline and distillate supplies saw a 0.7% and 0.6% decrease, respectively, while jet fuel supplies dropped by 3.5%.